Saudi Aramco’s CEO Amin Nassar, today said that the company is in talks with Mukesh Ambani led Reliance Industries Limited(RIL) for potential investment opportunities in India which is world’s third largest crude oil consumer. Earlier in April last year, Saudi Aramco singed a pact with a consortium led by State owned refiner, and became part of a $44-billion refinery project on the country’s west coast.
“We are looking at additional investment in India so we are in discussions with other companies as well, including Reliance and others,” Mr Nasser said in a panel discussion in New Delhi.
He further added,”We are looking at it. We are not limited to that investment which is the mega refinery,” indexing to the project, which would process 1.2 million bpd of crude oil and produce 18 million tonnes of petrochemicals per year.
Saudi Arabia’s Crown Prince Mohammed bin Salman, is on a one day visit and Amin Nassar is part of that convoy.
Reliance Industries led by Mukesh Ambani, is India’s biggest refining and petrochemicals company and produces around 1.4 million barrels per day (bpd) by refinery in Jamnagar, Gujarat. The Indian company is planning to expand its production to 2 million barrel per day by 2030.
India is the third largest importer of crude oil, and is a big market for many Saudi companies. “India is an investment priority for Saudi Aramco. India takes from us almost 800,000 barrels a day and by 2040 India’s total consumption will be around 8.2 million barrels per day,” Mr Nasser said.
Reportedly Aramco is currently facing hurdles in its projects in Maharashtra due to protest by farmers who have refused to surrender their lands.